Managers

Liane RosenbergPortfolio Manager

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Investment Objective and Strategy

The primary investment objective of the Fund is to provide investors with the maximum income exempt from federal income taxes while avoiding undue risk to principal. Capital appreciation is a secondary objective.

To achieve the Fund’s investment objectives, under normal conditions, the Adviser invests at least 80% of the Fund’s assets in securities the income of which is exempt from regular federal income taxation and will not subject non-corporate shareholders to the alternative minimum tax. The Fund invests primarily in investment grade municipal bonds and expects to maintain an average maturity of between 7 and 20 years.

Mitchell Appel, President of Value Line Funds, discusses the fund family.

Average Annual Returns as of 06/30/15

YTD

1 Yr

3 Yr

5 Yr

10 Yr

Tax Exempt Fund

-0.06%

2.20%

2.09%

3.53%

2.76%

Barclays Capital Municipal Bond Index

0.12%

3.00%

3.10%

4.50%

4.45%

Lipper General & Insured Municipal Debt Funds

-0.18%

3.03%

3.07%

4.62%

3.82%

Lipper Ranking as of 06/30/15

-

216/255

200/226

182/203

145/153

Percentile

-

85th

89th

90th

95th

Gross / Net Expense Ratio: 1.19%/0.94%

VLHYX

BC Muni Bond Index

LMCGI

YTD

-0.06%

0.12%

-0.18%

1 Yr

2.20%

3.00%

3.03%

3 Yr

2.09%

3.10%

3.07%

5 Yr

3.53%

4.50%

4.62%

10 Yr

2.76%

4.45%

3.82%

Gross / Net Expense Ratio: 1.19%/0.94% (as of 12/31/14)

Morningstar as of 06/30/15

Category

Muni National Long

3 Year

of 190 Funds

5 Year

of 178 Funds

10 Year

of 145 Funds

Overall

of 190 Funds

Related Insights

* For the period July 1, 2014 through June 30, 2016, EULAV Securities LLC (the "Distributor") contractually agreed to waive the Fund's 12b-1 fee in an amount equal to 0.25% of the Fund's average daily net assets. The waiver cannot be modified or terminated before June 30, 2016 without the approval of the Fund's Board of Directors. The Fund's performance would be lower in the absence of such waivers.
** Not annualized.

The performance data quoted herein represents past performance and does not guarantee future results. Market volatility can dramatically impact the fund's short term performance. Current performance may be lower or higher than figures shown. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than their original cost. Past performance data through the most recent month end is available at vlfunds.com or by calling 1-800-243-2729.

You should carefully consider investment objectives, risks, charges and expenses of Value Line Funds before investing. This and other information can be found in the fund's prospectus and summary prospectus, which can be obtained free of charge from your investment representative, by calling 800.243.2729, or by clicking on the applicable fund at www.vlfunds.com. Please read it carefully before you invest or send money. The inception dates of Value Line Mutual Funds range from 1950 to 1993. Value Line Funds are distributed by EULAV Securities LLC. Past performance is no guarantee of future results.

Portfolio holdings are subject to change and should not be considered a recommendation to buy or sell securities. Current and future portfolio holdings are subject to risk.

The average annual returns shown above are historical and reflect changes in share price, reinvested dividends and are net of expenses. Investment results and the principal value of an investment will vary.